XML 54 R27.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Business Combinations [Abstract] |
Schedule of Consideration Transferred | The following table summarizes the consideration transferred in connection with the AFF Acquisition, net of cash acquired (in thousands except share and per share amounts):
| AFF Acquisition
Shares of FirstCash Holdings, Inc. common stock issued | 8,046,252 |
Closing common stock price per share at December 16, 2021 | $ | 62.83 |
Stock consideration | $ | 505,546 |
Cash consideration paid to AFF shareholders at closing | 253,087 |
Cash consideration paid to extinguish AFF pre-existing debt | 257,278 |
Present value of deferred consideration payable to AFF shareholders on December 31, 2022 | 23,873 |
Estimated fair value of Contingent Consideration (see Note 6) | 127,420 |
Less cash acquired | (48,263) |
Aggregate purchase consideration | $ | 1,118,941 |
Schedule of Preliminary Allocations of Purchase Price | The allocation of the aggregate purchase consideration, net of cash acquired and subject to future measurement period adjustments, is as follows (in thousands):
| AFF Acquisition
Accounts receivable | $ | 11,660 |
Finance receivables (1) | 225,261 |
Leased merchandise | 139,649 |
Prepaid expenses and other current assets | 4,474 |
Property and equipment | 11,670 |
Operating lease right of use asset | 491 |
Goodwill (2) | 503,106 |
Intangible assets (3) | 305,100 |
Accounts payable and accrued liabilities | (28,357) |
Customer deposits and prepayments | (11,014) |
Lease liability, current | (10) |
Deferred tax liabilities | (42,608) |
Lease liability, non-current | (481) |
Purchase price | $ | 1,118,941 |
(1)Finance receivables acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”). The Company evaluated the acquired finance receivables for deterioration in credit quality primarily based on delinquency status. At the acquisition date, an estimate of expected lifetime credit losses for PCD finance receivables is added to the acquisition date fair value to establish the initial amortized cost basis of the PCD finance receivables. As the initial allowance for credit losses is added to the fair value, there is no provision for loan losses recognized upon acquisition of a PCD loan. See Note 7. The preliminary allocation of the aggregate purchase price for these individually immaterial pawn store acquisitions during 2021 (the “2021 Pawn Acquisitions”) is as follows (in thousands):
| 2021 Pawn Acquisitions
Pawn loans | $ | 7,920 |
Accounts receivable, net | 470 |
Inventories | 8,822 |
Other current assets | 294 |
Property and equipment | 1,174 |
Goodwill (1) | 59,645 |
Intangible assets | 2,835 |
Other non-current assets | 36 |
Current liabilities | (1,659) |
Aggregate purchase price | $ | 79,537 |
(1)Substantially all of the goodwill is expected to be deductible for U.S. income tax purposes.
Financing Receivables, Fair Value | A reconciliation of the difference between the fair value of the PCD finance receivables and the unpaid principal balance as of the date of the acquisition is as follows (in thousands):
| PCD Finance Receivables
Unpaid principal balance of PCD finance receivables | $ | 41,900 |
Non-credit discount | (4,120) |
Amortized cost of PCD finance receivables | 37,780 |
Less allowance for loan losses recognized for PCD finance receivables | 32,036 |
Fair value of PCD finance receivables | $ | 5,744 |
A reconciliation of the difference between the fair value of the non-PCD finance receivables and the unpaid principal balance as of the date of the acquisition is as follows (in thousands):
| Non-PCD Finance Receivables
Unpaid principal balance of non-PCD finance receivables | $ | 177,456 |
Fair value premium | 42,061 |
Fair value of non-PCD finance receivables | 219,517 |
Less allowance for loan losses recognized for non-PCD finance receivables | 44,250 |
Carrying value of non-PCD finance receivables | $ | 175,267 |
(2)The goodwill is attributable to the excess of the aggregate purchase consideration over the fair value of the net tangible and intangible assets acquired and liabilities assumed and is considered to represent the synergies and economies of scale expected from combining the operations of the Company and AFF. This goodwill has been assigned to the retail POS payment solutions reporting unit. Excluding any potential earnout payments, approximately $212.3 million of the goodwill arising from the AFF Acquisition is expected to be deductible for U.S. income tax purposes.
Schedule of Finite-Lived Intangible Assets | Intangible assets acquired and the respective useful lives assigned consist of the following (in thousands, except useful life):
|  |  | Useful Life
| AFF Acquisition |  | (In Years)
Merchant relationships | $ | 194,000 |  |  | 7
Developed technology | 99,400 |  |  | 5
Trade name | 10,200 |  |  | 2
Relationships with existing lessees | 1,500 |  |  | 1
Total intangible assets | $ | 305,100 |  |  |
The following table details the remaining weighted-average amortization periods for the definite-lived intangible assets included in the table above:
| Weighted-Average Remaining Amortization Period (Years)
As of December 31, 2021 |
Merchant relationships | 3.3
Developed technology | 2.5
Customer relationships | 1.6
Trade name | 1.0
Lessee relationships | 0.7
Total definite-lived intangible assets | 3.0
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the consolidated results of operations of the Company as if the AFF Acquisition and the 2021 Pawn Acquisitions had occurred on January 1, 2020, after giving effect to certain adjustments (in thousands, except per share amounts):
| Year Ended |  | Year Ended
| December 31, 2021 |  | December 31, 2020
| As Reported |  | Pro Forma |  | As Reported |  | Pro Forma
Total revenue | $ | 1,698,965 |  |  | $ | 2,305,860 |  |  | $ | 1,631,284 |  |  | $ | 2,024,055 |
Net income | 124,909 |  |  | 156,257 |  |  | 106,579 |  |  | 60,059 |
Net income per share: |  |  |  |  |  |  |
Basic | $ | 3.05 |  |  | $ | 3.21 |  |  | $ | 2.57 |  |  | $ | 1.21 |
Diluted | 3.04 |  |  | 3.20 |  |  | 2.56 |  |  | 1.21 |

X
- Definition Financing Receivables, Fair Value + References No definition available. + Details
Name: | fcfs_FinancingReceivablesFairValueTableTextBlock
Namespace Prefix: | fcfs_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Consideration Transferred + References No definition available. + Details
Name: | fcfs_ScheduleOfConsiderationTransferredTableTextBlock
Namespace Prefix: | fcfs_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration